Exemptions

Exemptions help you keep your property when filing for bankruptcy. We help you decide if you should file for bankruptcy and how to keep your property.

Filing bankruptcy while self-employed

Do you own your own business and are your own boss? Congratulations! You're living the American dream! Of course, if you're finding yourself in financial difficulties, the American dream of being self employed can feel a little bit like a nightmare. This article will explore the two most typical ways individuals own businesses, and how it impacts your options when it comes to getting lasting debt relief through a personal Chapter 7 bankruptcy.

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What is non-exempt equity?

What property you are allowed to keep and what you may be forced to sell or surrender when you file a Chapter 7 bankruptcy depends on how much non-exempt equity you have in the item. Let’s explore what this means for you, so you can choose the path to debt relief that makes the most sense for you.

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Everything You Need to Know About How Bankruptcy affects Credit Union Accounts

There are a lot of details to understand when you are deciding whether filing for bankruptcy is a good idea. If you are a member of a credit union, there are some specific things to consider that are unique to this type of organization. Keep reading to learn how bankruptcy affects credit union accounts.

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Will I lose my personal injury settlement award if I file for bankruptcy?

Whether or not you can keep your personal injury settlement award when you file for bankruptcy depends on a number of different factors.

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The trustee says I owe money/asset to the estate. What should I do?

What it means and what to do if a bankruptcy trustee says you owe money or an asset to the bankruptcy estate.

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Can I keep money I receive from a lawsuit in bankruptcy?

Yes, you can usually keep a personal injury award to the extent it is protected by exemptions, either federal exemptions or your state’s exemptions.

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Texas Bankruptcy Exemptions

The intent of bankruptcy is not to strip you of everything you own. Exemptions allow you to keep many, if not all, of of your belongings.

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Illinois Bankruptcy Exemptions

The intent of bankruptcy is not to strip you of everything you own. Exemptions allow you to keep many, if not all, of your belongings.

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Which states allow me to use the federal bankruptcy exemptions?

As of January 2019, the following states allow you to use either that state or Federal bankruptcy exemptions.

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Will my bankruptcy affect my child's 529 College Saving Plan?

Whether or not funds in your child's 529 plan are protected when you file bankruptcy depends on how long ago you deposited the funds in the account.

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Should I choose the federal or my state bankruptcy exemptions?

The exemptions you choose will play a big role in determining how much of your stuff the trustee can sell to repay your creditors. Most Upsolve users select the Federal exemptions, but the choice that is right for you will depend on your answers to two questions.

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What are bankruptcy exemptions?

Bankruptcy exemptions protect property after a bankruptcy filing. Filing for bankruptcy relief does not mean that you have to give up everything you own. The purpose of filing a bankruptcy case is to get debt relief. We explain how you can protect your property from a Chapter 7 bankrutpcy trustee.

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What are the Florida Bankruptcy Exemptions?

If you're a debtor filing for bankruptcy and you live in Florida, you'll be using the Florida bankruptcy exemptions to keep your property.

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What are the Federal Bankruptcy Exemptions?

In many states across the United States, the federal bankruptcy exemptions allow debtors filing for Chapter 7 bankruptcy to keep all of their property.

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What are the California Bankruptcy Exemptions?

If you're a debtor filing for bankruptcy and you live in California, you'll be using the California bankruptcy exemptions to keep your property.

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Can I Keep My Property If I File for Bankruptcy?

Most people who file for Chapter 7 bankruptcy end up keeping all their property. But that’s by no mean a given. Before filing for bankruptcy, it’s very important to know which exemptions will apply to your property and whether they can protect your property.

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What are the Georgia Bankruptcy Exemptions?

If you're a debtor filing for bankruptcy and you live in Georgia, you'll be using the Georgia bankruptcy exemptions to keep your property from your trustee.

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What are the Arizona Bankruptcy Exemptions?

If you're a debtor filing for bankruptcy and you live in Arizona, you'll be using the Arizona bankruptcy exemptions to keep your property from your trustee.

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Legal Services Corporation
Robin Hood
The Upsolve Team
Harvard University
Fast Forward

Upsolve is a 501(c)(3) legal aid nonprofit that started in 2016. Our mission is to help low-income Americans in financial distress get a fresh start through Chapter 7 bankruptcy at no cost. We do this by combining the power of technology with attorneys. Spun out of Harvard Law School, our team includes lawyers, engineers, and judges. We have mission-driven funders that include the U.S. government, former Google CEO Eric Schmidt, and private charities.

To learn more, read our reviews from past clients, or read our press coverage.

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